Word: venezuela
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Dates: during 1970-1979
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...Venezuela faces problems in running the industry. The most immediate is selling the oil. Foreign companies have agreed to buy 1.5 million bbl. per day for at least the first three months of 1976, but that is about...
...fighters streaked in formation across the sky; a band struck up the national anthem; and Venezuela's President Carlos Andrés Pérez hoisted a red, yellow and blue tricolor over Venezuela's first commercial oil well on New Year's Day. Then cannon boomed their salute to the flag, whose position atop the well symbolized one of the most gentlemanly nationalizations in history...
...ceremony marked the takeover by a new state-owned holding company, Petroleós de Venezuela (Petrovén) of the nation's oil industry, which in 1974 accounted for 50% of Venezuela's gross national product, 86% of its revenues and 97% of its exports. During the debates that led up to nationalization, the government shunned emotional rhetoric and consistently rejected far-left demands that it eject 21 foreign oil companies without compensation. For their part, the companies, headed by Exxon, accepted with only minimal grumbling a shade over $1 billion-10% of it in cash...
...reason for the shortfall is Venezuela's refusal to lower crude oil prices below the minimums set by the Organization of Petroleum Exporting Countries. Another reason is a worldwide glut of petroleum...
...Carlos aboard the Austrian DC-9 that flew the terrorists and their kidnap victims to Algiers? Backing up the skepticism of French police, some of the hostages said that the gang's leader did not look like pictures of Carlos. But Venezuela's oil minister, Valentín Hernàndez Acosta, insisted that "the head of the commandos was definitely Ilyich Ramírez Sànchez, alias Carlos." Added another OPEC official: "If Carlos is a Latin American of medium height who speaks Spanish, French, English, German and Arabic, and if he is a cool killer...